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Bridge Capital Holdings (BBNK) SEC Filing 10-Q Quarterly report for the period ending Tuesday, March 31, 2015

Bridge Capital Holdings

CIK: 1304740 Ticker: BBNK

 

Exhibit 99.1

 

For Immediate Release: April 20, 2015

 

 

Bridge Capital Holdings Reports Financial Results

For the First Quarter Ended

March 31, 2015

 

Conference Call and Webcast Scheduled for Monday, April 20, 2015 at

5:00 p.m. Eastern Time

 

San Jose, CA – April 20, 2015 – Bridge Capital Holdings (NASDAQ: BBNK), whose subsidiary is Bridge Bank, National Association, announced today its financial results for the first quarter ended March 31, 2015.

 

The Company reported net income of $3.9 million for the three months ended March 31, 2015, representing a decrease of $273,000, or 7%, from $4.2 million for the quarter ended December 31, 2014, and representing an increase of $198,000, or 5%, from net income of $3.7 million for the same period one year ago.

 

For the quarter ended March 31, 2015, the Company reported earnings per diluted share of $0.25, compared with $0.27 for the quarter ended December 31, 2014, and $0.24 for the quarter ended March 31, 2014.

 

For the quarter ended March 31, 2015, the Company’s return on average assets and return on average equity were 0.86% and 8.28%, respectively, and compared to 0.94% and 9.00%, respectively, for the quarter ended December 31, 2014 and 0.97% and 9.09%, respectively, for the same period in 2014.

 

For the quarter ended March 31, 2015, the Company incurred merger related expenses associated with its pending acquisition by Western Alliance Bancorporation of $1.2 million. Excluding merger related expenses, adjusted net income for the quarter ended March 31, 2015 was $4.8 million and adjusted earnings per diluted share were $0.31. The Company’s adjusted returns on average assets and average equity for the quarter ended March 31, 2015 were 1.06% and 10.14%, respectively.

 

“Although the first quarter is typically a seasonally slow period for the Bank, we continued to experience very strong balance sheet growth driven by healthy economic activity in our core markets and our effective marketing and new business development efforts,” said Daniel P. Myers, president and chief executive officer of Bridge Bank, N.A. and Bridge Capital Holdings. “Our commercial loan portfolio increased at a 29% annualized rate during the first quarter, and we had meaningful contributions from all of our regional offices and lending groups, including technology, corporate banking, and our energy and infrastructure group. We also had a strong improvement in our net interest margin after the unusually low margin that we experienced last quarter. The combination of our strong balance sheet growth and higher net interest margin generated significant improvement in our core earnings power, excluding merger-related expenses.

 

“We are working diligently towards the completion of our proposed merger with Western Alliance Bancorp. We believe that Western Alliance is an excellent merger partner that will provide additional resources to continue growing the Bridge Bank brand and enhancing our position as a premier business bank serving the innovation and technology sectors,” said Mr. Myers.

 


The following information was filed by Bridge Capital Holdings (BBNK) on Monday, April 20, 2015 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Ticker: BBNK
CIK: 1304740
Form Type: 10-Q Quarterly Report
Accession Number: 0001104659-15-036852
Submitted to the SEC: Mon May 11 2015 4:32:00 PM EST
Accepted by the SEC: Mon May 11 2015
Period: Tuesday, March 31, 2015
Industry: National Commercial Banks

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